Soneium, a public Ethereum layer 2 blockchain ecosystem, will integrate the Bridged USDC Standard and establish bridged USDC as one of its primary tokens for value exchange due to the fresh collaboration.
The stablecoin issuer Circle announced a strategic collaboration with Sony Block Solutions Labs to integrate bridged USDC as the foundation for value exchange on Sony’s recently launched blockchain called “Soneium”.
Soneium is a Layer 2 solution for Ethereum. It leverages OP Stack developed by Optimism Foundation. Its main characteristics are described as “scalable, EVM-compatible, and developer-friendly.”
Bridged USDC is basically USDC that has been moved from Ethereum to another blockchain. Circle does not issue the bridged version, but following the standard provides the stablecoin issuer with a path to upgrade to native USDC eventually and enable deeper ecosystem interactions and opportunities.
The newly adopted Bridged USDC Standard enables USDC to be held on Soneium so that developers can readily power their apps with digital dollar payments. By Circle’s standard procedure for bridged USDC, Soneium will also get options ranging from a seamless upgrade to native issuance in the future. Thus, its users can store, pay, trade, borrow and lend with bridged USDC that automatically becomes native upon an upgrade.
“We are thrilled to be partnering with Sony Block Solutions Labs to re-imagine how creativity and innovation are supported in the digital age. This collaboration marks a significant milestone for Circle’s mission to accelerate the adoption of our stablecoins and blockchain technology, and empower creators to flourish through secure, user-friendly Web3 experiences.”
Jeremy Allaire, Co-Founder and Chief Executive Officer at Circle
The update will help Sony boost the potential of its new blockchain for entertainment and finance. Soneium aims to unlock new opportunities for creators and users, particularly across use cases that can spark the interest of people who have never used Web3 services. It is suggested that Sony might implement its blockchain for gaming purposes, as the firm specialises in this domain.
